Removal of Receiver Sample Clauses
The 'Removal of Receiver' clause defines the conditions and procedures under which a receiver, once appointed to manage or oversee certain assets or operations, can be removed from their position. Typically, this clause outlines who has the authority to initiate the removal, such as a court or a majority of creditors, and may specify the grounds for removal, like misconduct or failure to perform duties. Its core practical function is to provide a clear mechanism for replacing a receiver who is not acting in the best interests of the stakeholders, thereby protecting the integrity of the receivership process and ensuring effective management.
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Removal of Receiver. The Security Agent may by written notice remove from time to time any Receiver appointed by it (subject to the provisions of section 45 of the Insolvency Act 1986 in the case of an administrative receivership) and, whenever it thinks fit, appoint a new Receiver in the place of any Receiver whose appointment has terminated, for whatever reason.
Removal of Receiver. The Interim Security Agent may by prior written notice remove from time to time any Receiver appointed by it and, whenever it may deem appropriate, appoint a new Receiver in the place of any Receiver whose appointment has terminated, for whatever reason.
Removal of Receiver. The Security Agent may (subject to section 45 of the Insolvency Act 1986) remove a Receiver from all or any of the Assets of which it is the Receiver.
Removal of Receiver. The Chargee may by notice remove from time to time any Receiver appointed by it (subject to the provisions of section 45 of the Insolvency Act 1986 in the case of an administrative receivership) and, whenever it may deem appropriate, appoint a new Receiver in the place of any Receiver whose appointment has terminated, for whatever reason.
Removal of Receiver. The Mortgagee may from time to time by writing under its hand remove any Receiver appointed by it and may, whenever it may deem expedient, appoint a new Receiver in the place of any Receiver whose appointment may for any reason have terminated.
Removal of Receiver. The Bond Trustee may (subject to Section 45 of the Insolvency Act) remove any Administrative Receiver whether or not appointing another in his place and may also appoint another Receiver if the incumbent Administrative Receiver resigns.
Removal of Receiver. The Collateral Agent may by notice remove from time to time any Receiver appointed by it and, whenever it may deem appropriate, appoint a new Receiver in the place of any Receiver whose appointment has terminated, for whatever reason.
Removal of Receiver. The Security Trustee may remove a Receiver from all or any of the Assets of which he is the Receiver.
Removal of Receiver. The Chargee may (subject to section 45 of the Insolvency Act 1986) remove a Receiver from all or any of the Assets of which he is the Receiver.
Removal of Receiver. The Lender may at any time by writing remove any Receiver (subject to the obtaining of any required order of the court in the case of an administrative receiver) whether or not the Lender appoints any other person as Receiver in his place.